Unprecedented home construction needed in B.C. to offset record immigration, report says

B.C. must build 25% more new homes than usual for the next 5 years to address deteriorating housing affordability, report says. Read more.

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The province must build 25 per cent more new homes than usual for the next five years to address deteriorating housing affordability, the association said in the report.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

“While this pace of completions is close to that achieved from 2020 and 2021, higher interest rates and weaker market conditions make that rate of completion less likely,” the association said. Lowering price growth so incomes can catch up to prices is integral to improving housing affordability in B.C., said Brendon Ogmundson, chief economist with BCREA.

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